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we currently have a home to sell,have found another one dont want to lose it,what to do

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October 28 2011 - Saint Louis
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Profile picture for j anne
we are just putting ours up we are making it as low as possible as we understan the market is not that good. we have enough money to put down on the other one tha is why i was asking,our health is not the best and need to get closer to our children at their request thanks fir the in put
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October 31 2011
I agree with the other two responses but its also important that you understand that you will want to price the home competitively unless you are ready to sit for a while. Most people don't understand that if the home is overprice even buy a small amount they should be prepared to hold off from moving.
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October 29 2011
Is your current home on the market?  If it is, I would recommend making an offer contingent on the sale of your home.  While this may not be exactly what the seller is looking for, in a down market it is better than nothing.  Here in Missouri, there is a standard form you can attach to the residential sales contract to address this situation.  It may not completely keep other buyers away, but it does get you in a position to negotiate.  I'd be more than happy to discuss this with you, as well as listing your current home for sale if it is not already on the market.
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October 29 2011

You will want to contact your realtor and ask to submit an offer contingent upon the sale and settlement of your current home and with a 24-72 hour right of first refusal. In this market, you may have a home seller willing to engage you, especially if that home has been on the market for a little while. Because a home sale and settlement ccontingency is not a real position of strength, you may have to come in a little stronger in price than normal. Usually, the home seller will have the right to continue to market their home and if another offer comes in, they would have to give you 24-72 hours to either remove the contingeny and continue on with the sale or you woiuld lose the property that you want. If buyers lose a home they want, it is not unusual for them to just wait until their home is under contract before making another offer on a property. Check with your realtor to see what the guidlines are in your state regarding contingecny offers.
 Good luck!

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October 28 2011
 
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